星空传媒 Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

INVENTORIES

INVENTORIES

3 Months Ended

Mar. 31, 2014

Inventory Disclosure [Abstract]

听

Inventories

NOTE 4 - INVENTORIES

The following table presents the detail of our Inventories in the Statements of Unaudited Condensed Consolidated Financial Position as of March听31, 2014 and December 31, 2013:



听	(In Millions)
听	March 31, 2014								听	December 31, 2013
Segment	Finished Goods		听	Work-in Process		听	Total Inventory		听	Finished Goods		听	Work-in Process		听	Total Inventory
U.S. Iron Ore	$	270.6	听	$	25.7	听	$	296.3	听	$	92.1	听	$	13.0	听	$	105.1
Eastern Canadian Iron Ore	78.3		听	50.4		听	128.7		听	65.3		听	48.1		听	113.4
Asia Pacific Iron Ore	46.4		听	61.3		听	107.7		听	39.7		听	50.6		听	90.3
North American Coal	63.5		听	13.6		听	77.1		听	59.4		听	23.2		听	82.6
Total	$	458.8	听	$	151.0	听	$	609.8	听	$	256.5	听	$	134.9	听	$	391.4

We recorded lower-of-cost-or-market inventory charges of $22.1 million and $13.4 million in Cost of goods sold and operating expenses in the Statements of Unaudited Condensed Consolidated Operations for the three months ended March听31, 2014 for our North American Coal and Eastern Canadian Iron Ore operations, respectively. The charge at North American Coal was a result of market pricing declines during the period. The charge at Eastern Canadian Iron Ore was a result of declines in Platts pricing and higher inventory costs at both Bloom Lake and Wabush.听 Bloom Lake鈥檚 higher inventory costs were driven by the timing of maintenance activities and mine development, whereas Wabush鈥檚 higher costs were driven by unfavorable production performance up to the idling of the Scully mine operation.听

For the three months ended March听31, 2013, we recorded lower-of-cost-or-market inventory charges of $2.0 million for our North American Coal operations. These charges were a result of market declines and costs associated with operational and geological issues. No other lower-of-cost-or-market inventory charges were recorded for the three months ended March听31, 2013.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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